The Hour Glass posts 5% drop in Q3 net to $13.8m

LUXURY watch retailer The Hour Glass clocked in a 5 per cent drop in third-quarter net profit to $13.8 million, even as total revenue and other income jumped 13 per cent to $180 million, as a result of an expanded retail network and increased marketing activities.

Earnings per share for the third quarter ended Dec 31, 2013 dropped to 5.88 cents, down from 6.21 cents a year ago.

Regional economic uncertainty continued to weigh on consumer sentiment and luxury goods demand, putting pressure on margins, contributing to a 6 per cent drop in net profit to $32 million for the nine months ended Dec 31 from $33.9 million a year ago. But the company maintains that political unrest in Thailand has not negatively affected its joint-venture operations to date.